Published on 3/23/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $9.54 million contingent income autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, March 23 – Morgan Stanley Finance LLC priced $9.54 million of contingent income autocallable securities due Sept. 16, 2021 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 13.25% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly redemption date.
The payout at maturity will be par unless any index finishes below its 60% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | S&P 500, Nasdaq-100 index and Russell 2000 index
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| Amount: | $9,539,000
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| Maturity: | Sept. 16, 2021
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| Coupon: | 13.25% per year, payable quarterly if each index closes at or above barrier level on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly redemption date
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| Initial index levels: | 1,264.296 for Russell, 8,006.119 for Nasdaq, 2,741.138 for S&P
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| Coupon barrier levels: | 948.222 for Russell, 6,004.589 for Nasdaq, 2,056.035 for S&P; 75% of initial levels
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| Downside thresholds: | 948.222 for Russell, 6,004.589 for Nasdaq, 2,056.035 for S&P; 75% of initial levels
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| Pricing date: | March 11
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| Settlement date: | March 16
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| Agent: | Morgan Stanley & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2%
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| Cusip: | 61770FTW6
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